TrustArc to Address Marketing Compliance Solutions by Expansion
- Written by TechXO Team
- Category: RegTech
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Privacy management company TrustArc announced that it will be addressing the growing need to meet marketing compliance for GDPR, CCPA with a major expansion of their privacy platform.
Managing behavioral advertising notices, consent preferences, website monitoring, and individual rights requests are the requirements that are needed to be complied with.
United States’ toughest privacy law California Consumer Privacy Act (CCPA) impact thousands of business and posts compliance deadline on January 1, 2020. CCPA together with other global regulations influences how companies can use customer data that will require marketing teams to revise their process to guarantee running effective campaigns without risking consumer privacy.
TrustArc CEO Chris Babel said, “While all aspects of privacy compliance are important, a business external facing websites, apps, and ads are often subject to the most scrutiny by customers, partners, and regulators. Companies are looking for technology solutions to streamline and automate the business process of responding to data subject access requests (DSAR) and managing cookie consent requests, and generating compliance reports. With these new additions the TrustArc Platform will be even more powerful and the go-to solution for businesses of all sizes.”
The firm’s Marketing Compliance solutions address the concerns that have been highlighted with these five capabilities:
- Individual rights that provide improved compliance reporting, consumer request workflow management, and identity verification to manage DSAR.
- Cookie consent for flexible deployment enhanced reporting, and additional preference management options.
- Marketing consent to manage user content and compliance reporting among multiple customer touchpoints.
- Website monitor for powerful scanning and analysis engine with cookie consent incorporation.
- Ads Compliance to support for the new DAA political advertising transparency program.
Most companies are not ready for CCPA
The CCPA that will take effect in January 2020 will drastically limit how companies handle, store, and use consumer data. The act will also require companies to be more transparent. It also gives consumers the ability to delete and download gathered data and opportunity to opt-out of the sale of their information.
TrustArc on a new survey published on Tuesday suggests a vast majority of companies still have their work cut out for them. TrustArc reports that only 14% of companies are compliant with the California Consumer Privacy Act (CCPA) and 88% needs help.
TrustArc CEO Babel said, “Our goal was to say, ‘How are people doing in their progress toward the goal? We found the vast majority of people have a very long way to go.”
Companies will need to set complex tools that will recognize the data collected, organize it, and give consumers easy-to-use technology to delete it.
Results are based on the response given by 250 professionals that are at least partially responsible for privacy matters at companies with 500 or more employees. They were asked on their preparations for the toughest privacy law in the US that could impose penalties up to $7,500 per infraction for companies that fail to comply.
72% of respondents said their company is planning to invest in technology tools, while 71% said they expect to spend more than six figures related to compliance to prepare for the new rules. One-fifth of surveyed professionals anticipate spending more than $1 million.
“It is expensive, time-consuming, and difficult and there’s a host of things people are looking toward to help,” Babel added.
With the expected six-figure cost for each of the two new laws, it is no surprise that privacy regulation is hitting companies’ budgets really hard. The survey found out 82% of respondents is increasing their budget on managing privacy this year.
Let us assume that companies only have to deal with two privacy laws. Hawaii, Massachusetts, and Washington are all considering their own state laws while Brazil filed its own regulations that will take effect in 2020.
“There was one big law to make people wake up, and another one in California, but there are more to come. Doing it right has benefits for all and is critical to business success.”